Bullion & Business Weekend Report – Nov 8

Precious metals rose slightly for the week, but stocks turned lower. London silver, gold and platinum gained 0.8 percent, 0.2 percent, and 1.3 percent, respectively. The Dow declined 4.1 percent, following its 11.3 percent rally last week. The S&P lost 3.9 percent on the week, and the Nasdaq dropped 4.3 percent from last Friday’s close.

According to AAA, the average price of regular unleaded gasoline decreased for the 52nd straight day. The average price dropped to $2.282 per gallon in the U.S., a level not seen since February 24, 2007.

December crude gained 27 cents, or 0.4 percent, to close to $61.04 a barrel. The contract has lost $6.77, or 10 percent from last Friday. OPEC president Chakib Khelil reportedly said on Saturday that further cuts in production may be on the way.

London silver ended at $10.13 an ounce — a gain of 8 cents on the week, or 85 cents from last Friday.

London gold closed to $735 an ounce, rising $1.25 for the week, or $5 from last Friday.

London platinum climbed to $849 an ounce — a gain of $11 for the week, or $35 from last Friday.

"Gold came up this morning on the euro strength," said Frank McGhee, the head metals dealer at Integrated Brokerage Services in Chicago. Gold will be "bullish" in the long term as inflation accelerates, he said.

"It’s been beaten down horribly [Silver]," said Rogers, the chairman of Singapore-based Rogers Holdings. "If you put a gun to my head and said you have to buy one, I would buy silver rather than gold."

Gold, considered a hedge during times of high inflation and economic uncertainty, tends to follow oil and move opposite to the U.S. dollar. A rising greenback makes dollar-denominated commodities, like bullion, more expensive for holders of other world currencies. When prices are falling and economic activities are shrinking, gold prices tend to move lower.

Silver, gold and platinum performance charts and tables follow as well as a Reuters weekly business recap video and three related precious metal articles.

CoinNews London Fix Charts: Silver, Gold and Platinum
(November 3-7)

The London Fix is one of the most used bullion quotes around the world. The London AM fix for gold and platinum begins at 10:30am GMT (5:30am in New York), and the PM fix begins at 3pm GMT (10am in New York). The London Fix for silver begins each business day at 12pm GMT (7am in New York).